Today we are going to discuss about – Ind AS 109: Treatment of dues recoverable on account of invocation of bank guarantee in the balance sheet Query: Company X Ltd. provides financial assistance for procurement of raw material to Y Ltd. Wherein Y Ltd. defaulted in repayment of dues to X Ltd. Subsequently BG was invoked by X Ltd. However, the respective bank has not honored/paid the invoked amount of BG to X ltd. as on 31st March of the
Month: December 2021
GST Calendar – Compliances for the month of November 2021
In this blog we are going to discuss about the GST Calendar – Compliances for the month of November 2021 Nature of Compliances Due Date GSTR-7 (Tax Deducted at Source ‘TDS’) 10 Dec 2021 GSTR-8 (Tax Collected at Source ‘TCS’) 10 Dec 2021 GSTR-1 November 2021 11 Dec 2021 IFF- Invoice furnishing facility (Availing QRMP) 13 Dec 2021 GSTR-6 November 2021 Input Service Distributor 13 Dec 2021 GSTR-2B (Auto Generated Statement) 14 Dec 2021 GSTR-3B November 2021 20 Dec 2021
Internal Audit and Big Data
What exactly is “Big Data?” Big data is the term used to describe the massive portfolio of data that is growing exponentially. Big data includes data that is unstructured & machine-generated, as well as data that resides outside of corporate boundaries. Analytics is the process of analysing data with the objective of drawing meaningful conclusions. Big Data analytics (BDA) means that unstructured data can now be mined. Major organizations are making significant investments to unlock the potential of Big Data.
Central Board of Direct Taxes gave the Guidelines under Section 194Q of Income Tax Act, 1961. The CBDT Circular also covers the linkage between Sections 194Q, 194-O and 206C(1H).
E-auction services carried out through electronic portal, where the final price and payments are settled by seller/ buyer independently; Adjustment of various state levies and taxes other than GST; Applicability of section 194Q in the cases where exemption has been provided u/s 206C(1A); and Applicability of the provisions of section 194Q in the case of Government Departments (not a PSU). Important Judicial Precedents Provision for foreign travel expenses payable, as per binding contract, in respect of dealers/distributors who have achieved
Dream Sports raises $840 mn at $8 bn valuation led by Falcon Edge, DST, others:
Dream Sports, the owner of fantasy sports platform Dream11, has announced that it has raised USD 840 million from Falcon Edge, DST Global, D1 Capital, Redbird Capital and Tiger Global. The Mumbai-based platform currently has 140 million users. Dream Sports also operates other brands like FanCode, a sports content and commerce platform, DreamSetGo, a sports experiences platform, and DreamPay, a solutions provider. Dream Sports, in August, had made an initial allocation of USD 250 million for its corporate venture capital
The latest Amendment that followed in the month of November, 2021 issued by MCA, RBI, SEBI, DIPP and others.
In this edition we have tried to bring you notice the latest amendment that followed in the month of November, 2021 issued by MCA, RBI, SEBI, DIPP and others. Amendments issued by MCA MCA has removed all the Disqualification of Director Identification Number (DINs) As per the Companies Act, directors for five years are disqualified, if they are part of a company that defaulted on filing financial statements or annual returns for three years or has failed to repay the